2024-023 - Laserfiche WebLink

Home Browse Search

FRS employer for a period not to exceed 96 months after electing to participate. Deferred monthly benefits are held in the FRS Trust Fund and accrue interest. There are no required contributions by DROP participants. Pension Plan Contributions. The State of Florida establishes contribution rates for participating employers and employees in section 121.71 Florida Statutes. Effective July 1, 2011, the FRS became a contributory plan for all members, except DROP participants, whereby members contribute 3% and employers pay a rate based upon each member's employment class. Classes and rates in effect at July 1, 2023 were: Regular Class 13.57%, Special Risk 32.67%, Senior Management 34.52%, DROP 21.13%, and Elected Official class 58.68%. Included in these rates is a health insurance subsidy of 2.00%. Employer contributions to the FRS are based on a percentage of covered payroll that has been actuarially determined as an amount, when combined with the 3% employee contributions, is expected to finance the cost of benefits earned by employees during the year with an additional amount to finance any unfunded accrued liability. The County's actuarial contribution to FRS under the Pension Plan for the year ended September 30, 2023, was $17,998,343. Employee contributions for September 30, 2023 were $2,914,267. Both employer and employee contributions were equal to 100% of the required contribution. Pension Liabilities, Pension Expense, and Deferred Ou flow of Resources and Deferred Inflow of Resources Related to Pension Plan. At September 30, 2023, the Division of Retirement calculated the County's liability of $142,901,121 for the FRS plan for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2023, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2023. The County's proportionate share of the net pension liability was based on a projection of the County's long-term share of contributions to the Pension Plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2023, the County's proportionate share was 0.3586% for the Pension Plan. This was a decrease of 0.0032% from its proportionate share measured as of June 30, 2022. The County anticipates that the pension liability will be liquidated in the following manner: General Fund 58%, Emergency Services District Fund 29%, Enterprise Funds 7%, and the remaining 6% is by the Other Governmental Funds and Internal Service Funds. For the year ended September 30, 2023, the County's calculated total of actuarially determined pension expense was $17,106,599. In addition, the County reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: 33